Who do you finance through?
Thread Starter
Senior Member
Joined: Feb 2008
Posts: 406
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From: Mililani, Hawaii
2005 AMG E55
Who do you finance through?
Sold the E55 last year and I'm getting ready to pull the trigger on a S65. Price is $80-85k on a CPO. I used MBFS in the past and credit unions. PenFed seems like they only finance up to $70k and have one of the lowest interest rate. I never considered MBFS yet as well but they gave me 2.9% on my E55.
Anyone you recommend I try 1st before I start submitting apps? Ideally, 100% financing would be cool, but if I have to drop a down, then I will. Also, I refuse to pay anything higher than 3.5%. All my loans have been 1.9-2.9% in the past.
Thanks in advance.
Anyone you recommend I try 1st before I start submitting apps? Ideally, 100% financing would be cool, but if I have to drop a down, then I will. Also, I refuse to pay anything higher than 3.5%. All my loans have been 1.9-2.9% in the past.
Thanks in advance.
MBWorld Fanatic!
Joined: Dec 2011
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From: Folsom, CA
2005 E55 AMG
http://www.penfed.org
1.99% up to 48 mos
2.49% over 48 mos.
setup was super quick and had a check within days...
donated $20 to become a member since I'm not a Federal Employee
1.99% up to 48 mos
2.49% over 48 mos.
setup was super quick and had a check within days...
donated $20 to become a member since I'm not a Federal Employee
Senior Member
Joined: Feb 2004
Posts: 335
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From: Gulf Coast
2006 E55 & 2009 Audi S5
I bought my E55 a year and a half ago and was going to buy it outright but discovered that if I financed a portion of it through USAA, have to be a veteran or child of a veteran I believe, then I was eligible to buy a great warranty. So I financed $1,000.00 of it, bought the warranty and it paid for itself. They are awesome to deal with and have great insurance rates as well. Good luck on the S65. Very nice. I drove a Renntech one and loved it. Just too big for my taste.
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Senior Member
Joined: Dec 2006
Posts: 272
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From: Katy, Texas
2005 E55 AMG
Local credit union gave 2.9% for my E55 covering 100%, including the warranty and GAP. Of course your purchase is quite a bit more, and not sure what the ceiling is for most credit unions.
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From: Usa
mgLipGD
a few that i like but the first is hard to get into to a point:
Congressional FCU http://www.congressionalfcu.org/auto/
Penn St Emp CU http://www.psecu.com/vehicles/?WT.ac=vehicles-subnav
PSECU has rates at low as 1.49% for 36mth or 2.49 for up to 60mth with .25 reduced for autopay. You don't have to live in Penn. and there is a way in...let me look how I got in.
Congressional FCU http://www.congressionalfcu.org/auto/
Penn St Emp CU http://www.psecu.com/vehicles/?WT.ac=vehicles-subnav
PSECU has rates at low as 1.49% for 36mth or 2.49 for up to 60mth with .25 reduced for autopay. You don't have to live in Penn. and there is a way in...let me look how I got in.
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From: Glendale, AZ
07 E63. 07 STi limited #606/800
Back in Feb 2010 when I picked up my AMG, I somehow managed to get 1.9% financing for 36 months with a credit score of around 580 and I was 21 at the time. Don't ask me how I really do not know, I somehow got qualified for it.
Thread Starter
Senior Member
Joined: Feb 2008
Posts: 406
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From: Mililani, Hawaii
2005 AMG E55
Thanks everyone but my dilemma is that the cap is $70k at PenFed on used cars. I'm looking for a $85k loan on a used CPO. Penfed would be nice but then I have to pay the difference of $15k plus shipping, sales tax, registration, etc. Add it all up and I'm over $20k. I just don't want to float $20k on this car. I love the car, but not that bad. The monthly payments I could careless about if the interest rate is low. In other words, I would rather keep the $20k in the bank and pay interest over time for 100% financing. Just checked and my FICO score is 758 average between the 3 agencies so its not that bad. A buddy of mine used to be a finance manager at a few local dealerships, before he changed careers, and said most banks will give out car loans so long they don't total over 30% of your gross monthly income minus your debt so I know I clear those requirements about getting the loan... just where and with who? Seems like MBFS might be the best bet again. Any other suggestion? Thanks in advance.
https://www.penfed.org/Auto-Loans-Overview/
https://www.penfed.org/Auto-Loans-Overview/
Thread Starter
Senior Member
Joined: Feb 2008
Posts: 406
Likes: 0
From: Mililani, Hawaii
2005 AMG E55
Forgot to mention that I'm making my company pay for it. That's why I don't care what the monthly's are but I still need to qualify for the loan.
Wait. That sounds fishy...
NO! I am not doing any MLM! Haha.
Wait. That sounds fishy...
NO! I am not doing any MLM! Haha.
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From: THE Orange County, California
2024 C8 Z06- 2025 BMW CS- 2022 Porsche 992 GTS
There are ton of prime banks out there with rates in the 1's... equity calls (sub 90 ltv) with amount financed over 30k all yield discounts...
Cap One
Chase
BofA
Bank of the West
etc...
And these are thru dealer networks- their rates, if they share, will be lower than walking in to above bank's financial centers.
MBFS will not be the best on used cars and they only shine on APR loans when their rate is a subvented rate incorporated (special APR via the factory participation).
So you can go via dealer or if you only desire to get the loan personally then credit unions are your best bet.
Cap One
Chase
BofA
Bank of the West
etc...
And these are thru dealer networks- their rates, if they share, will be lower than walking in to above bank's financial centers.
MBFS will not be the best on used cars and they only shine on APR loans when their rate is a subvented rate incorporated (special APR via the factory participation).
So you can go via dealer or if you only desire to get the loan personally then credit unions are your best bet.
Last edited by Vic55; Mar 14, 2012 at 12:19 PM.
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From: Maryland
Eurocharged 2004 E500, Eurocharged ECU/TCU 2005 SL600, 2010 Caddy SwaggerWagon
NASA Federal Credit Union. That's right. You MF'ers didn't know I was an astronaut, did you?
Seriously, I have 3 accounts just with them. A personal, my wife's personal, and one of our joint accounts. They always hook me...
Seriously, I have 3 accounts just with them. A personal, my wife's personal, and one of our joint accounts. They always hook me...
Administrator
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From: THE Orange County, California
2024 C8 Z06- 2025 BMW CS- 2022 Porsche 992 GTS
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From: Northern VA
W211
I've used Penfed for mine. I just hate the teaser months after where the rate is alot less, but you have to have at least $5k more to 'refi' your current car loan into the lower rate loan.
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From: Blasting off!
CLS63 Designo Edition, Hyundai Genesis 3.8 , Veloster Turbo, CLS500(Sold), E320 (SMOKED) R500 (Sold)
Credit Unions, I use ones in FL and GA where I live.
My regular banks, such as BOA, are not very nice with rates.
My regular banks, such as BOA, are not very nice with rates.
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From: Sacramento, CA
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Could be North American Sportscar Association..... :P
